G-20 Summit: Seoul Consensus on Development

G-20 Leaders ended their two-day summit on Friday, 12 November 2010 in Seoul, where they agreed on a series of policy actions designed to respond to the challenges of global recovery and renewed growth, and to better prevent future crises.

At the initiative of South Korea development was included as a substantive item on the G-20 agenda. The Seoul Development Consensus sets out their commitment to work in partnership with developing countries. A multi-Year Action Plan on Development was also agreed.

African Leaders welcomed the consensus and the emphasis it gives to shared growth, to generating new poles of growth, and national policy ownership.

Particular emphasis was given to infrastructure development; a High-Level Panel will be established to recommend measures to mobilise infrastructure financing and review MDB's policy frameworks.

As the chair of the G-20 in 2011, France said that development will remain a core issue on the agenda.

Attending the Seoul Summit were leaders from the G-20 member-countries, the European Union, the IMF, the World Bank, the UN, the World Trade Organization, the OECD, the African Union, the ASEAN, and the International Labor Organization, as well as from five non-G-20 countries -- Ethiopia, Malawi, Singapore, Spain and Vietnam.

An African Development Bank (AfDB) delegation led by its president, Donald Kaberuka, also attended the summit.